Amritsar is the largest city in the state of Punjab which is located in the north western part of India. The city is also known as Ramdaspur or Ambarsar.Amritsar is an important cultural, commercial and transportation center in Punjab.
A personal loan is a kind of unsecured loan which can be used for any purpose that the borrower deems necessary. An unsecured loan is an umbrella term used for loans which do not require collateral. Banks, credit unions, and other financial institutions offer personal loans on an ongoing basis.
|Interest Rate (Monthly reducing balance)||13.49% - 34%|
|Loan Tenure||1 year to 5 years|
|Pre-closure Charges||2% - 5%|
|Guarantor Requirement||No guarantor required|
Amritsar is a historical and holy city in Punjab. The city has the famous Golden Temple which attracts thousands of people from across the globe. Amritsar is also called Ambarsar and Ramdaspur. The city has a number of banks and non-banking financial corporations (NBFCs) that offer excellent banking solutions.
If you are looking for a personal loan for your needs such as home renovation, academic course fees, wedding arrangements, and more, you can apply for one without much trouble.
You can apply for a personal loan through multiple ways. One of the easiest ways is to apply on the web portal of BankBazaar. Here, you will get an assortment of personal loans with the complete details such as interest rates, processing fee, and special offers for specific loan amounts and specific loan tenures.
Let us take a look at some of the personal loans provided by banks and NBFCs in Amritsar:
When you are planning to apply for a personal loan, you need to make sure that you get the best interest rate for your repayment. To achieve this, you will have to maintain an excellent credit score. It should ideally be 750 and above.
In order to get a low-interest rate, you will have to choose your loan amount and loan tenure very carefully. You should fix your loan amount according to your repayment ability, your monthly income, and your monthly expenditures.
If you need to boost your credit score, you should make sure that you do not have any outstanding loan EMIs or unsettled credit card bills. Before you apply for the loan, clear all your dues and get an authorised letter that you have cleared everything.
You should also ensure that you have a steady job record before you apply for a loan. If you keep moving jobs while applying for the loan, your lender may assume that you will not be able to repay the loan promptly due to unstable income. Therefore, before you apply for a personal loan, make sure you have been in the same job for a reasonably long period.
Let us take a look at the interest rates for personal loans in Amritsar:
|Bank||Interest Rate Range||Processing Fee Range||Loan Amount||Tenure|
|Citibank||11.49%-15.99% (Fixed)||1% to 2.5%||Rs.30 lakhs||1-5 years|
|Capital First||12%-18% (Fixed)||Up to 1.5% (OTF*)||Rs.15 lakhs||1-5 years|
|Standard Chartered||10.99%-14.49%||Nil||Rs.30 lakhs||1-5 years|
|HDBFS||13.99%-16.99%||1%-2% (OTF)||Rs.30 lakhs||1-5 years|
|TATA Capital||11.99%-19.50%||Nil||Rs.20 lakhs||1-6 years|
|ICICI Bank||11%-17.99%||2.25% (Min. Rs.1,149)||Rs.20 lakhs||1-5 years|
|IndusInd Bank||11.99%-19% (Fixed)||Up to Rs.3,000 (OTF)||Rs.25 lakhs||1-5 years|
|Oriental Bank||10.85%-11.85%||0.5% (OTF)||Rs.50,000-Rs.10 lakhs||1-5 years|
|HDFC Bank||10.99%-19.8% (Fixed)||Up to 2.5% (OTF)||Rs.25 lakhs||1-5 years|
|Aditya Birla||11.5% to 13.25% (Fixed)||Nil||Rs.30 lakhs||1-5 years|
|Fullerton||17.25% to 37% (Fixed)||1.5% to 6% (OTF)||Rs.15 lakhs||1-4 years|
|Kotak Business Loan||12.99% to 14.50%||0.99% to 2%||Rs.45 lakhs||1-5 years|
|HDBFS Business Loan||15.95%-18.95% (Fixed)||2% (OTF)||Rs.20 lakhs||1-3 years|
|Kotak Mahindra||11.49% - 20.15%Fixed||Up to 2%||Rs.15 lakhs||1-5 years|
|Allahabad Bank||13.10% (Fixed)||1.22% (Min. Rs.1,228)||Rs.50,000 to Rs.7.5 lakhs||1-5 years|
|Bank of India||13%-14% (Fixed)||Rs.1,000 to Rs.10,000 (GST not included)||Rs.10,000-Rs.5 lakhs||1-3 years|
|Bank of Baroda||11.35%-14.35% (Fixed)||1% (Min. Rs.1,000) OTF||Rs.20,000 to Rs.2 lakhs||4 years|
|BOM||12.75% (Fixed)||1% (Min. Rs.1,000)||Rs.1.5 lakhs||1-3 years|
|Canara Bank||12.75% (Floating)||Rs.1,000 to Rs.5,000 (OTF)||Rs.3 lakhs||5 years|
|Dena Bank||13%-14% (Fixed)||1% (OTF)||Rs.15,000 to Rs.1 lakh||1-3 years|
|Central Bank||11.4% (Floating)||Rs.500 (OTF)||Rs.10 lakhs||4 years|
|Indian Bank||12.65% to 13.65% (Floating)||Rs.508 to 0.508% (OTF)||Rs.50,000 Max.||3 years|
|IDBI Bank||12.20% (Floating)||1%+S.T. (OTF)||Rs.50,000 to Rs.10 lakhs||1-5 years|
|IOB||13.65% (Fixed)||1.01% to 1.10% (OTF)||Rs.1 lakhs to Rs.15 lakhs||1-5 years|
|South Indian Bank||13% (Fixed)||0.50% (OTF)||Rs.3 lakhs||1-4 years|
|Karur Vysya||13.35% to 15.85%||0.4% (OTF)||Rs.1 crore Max.||1-3 years|
|SBI||12.90% to 14.90%||1% (OTF)||Rs.24,000 to Rs.15 lakhs||5 years|
|Vijaya Bank||13.50% (Fixed)||Nil||Rs.10 lakhs||1-5 years|
|Tamilnad Mercantile||14.30% to 16.30% (Floating)||1% (OTF)||Rs.2 lakhs Max.||1-5 years|
|Union Bank||14.4% (Floating)||0.5% (Min. Rs.500) OTF||Rs.5 lakhs Max.||1-5 years|
|UCO Bank||11.35% to 11.60% (Fixed)||1% (Min. Rs.750) OTF||Rs.10 lakhs||5 years|
|Yes Bank||14% (Fixed)||Up to 2% (OTF)||Rs.20 lakhs||1-5 years|
*OTF – One Time Fee
When you are applying for a personal loan in Amritsar, you will need to meet certain eligibility criteria. If you apply after checking if you are eligible on the BankBazaar website, your application will get processed more quickly. You will be able to save a lot of time when you evaluate your eligibility. Let us take a look at the salary requirements for personal loans:
What is the minimum period for a personal loan?
The minimum period for a personal loan is 1 year.
What are the repayment options for a personal loan?
The repayment options for a personal loan include paying through EMIs, giving a standing order, giving a post-dated cheque, or electronic transfer.
Will I be able to include the income of my spouse in order to build my personal loan eligibility?
Yes, you can combine the income of your spouse to get a better personal loan deal by increasing your loan eligibility.
Will I need to create a bank account in order to apply for a personal loan?
In case you do not have a bank account with the bank from where you need a personal loan, you do not have to compulsorily get an account with that bank.
Do I have to choose a flat rate or a floating rate for my personal loan?
You can choose any of these 2 interest rates for your personal loan.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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